NEW DELHI, Oct 26: Shares of Axis Bank slumped over 8 per cent today after the company’s July-September quarter net plunged by 83 per cent.
After a weak opening, shares of the company further tumbled 8.26 per cent to Rs 485.30 on BSE.
At NSE, shares of the bank declined by 8.3 per cent to Rs 485.15.
The stock was the worst performer among the blue-chips on both Sensex and Nifty during the morning trade.
Country’s third biggest private sector lender Axis Bank’s September quarter net plunged by 83 per cent to Rs 319 crore due to spike in provisions as its asset quality deteriorated.
The Shikha Sharma-led bank had posted a post-tax profit of Rs 1,915.64 crore in the July-September period last year.
Total Income increased to Rs 13,698.7 crore in the period under review from Rs 12,001 crore for the same quarter last year.
Warning of further pain in the future, its chief financial officer Jairam Sridharan had told reporters yesterday that the pain was primarily on account of a larger proportion of the assets placed under a ‘watch-list’ slipping into the NPA category. (PTI)
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